Cargotec (Hold, TP: EUR48.00) - FX and supplier constraints
We expect Q4 adj. EBIT to miss consensus by 8% (results due at 07:30 CET on 8 February). We are also 4% below consensus on 2018e adj. EBIT, as we see lower sales at Kalmar and Hiab. The shares have underperformed peers YTD, we believe because Cargotec will come close to missing the 2017 full-year guidance. As management has not pre-announced any Q4 figures, we see limited downside risk in the short-term and maintain our HOLD recommendation with a new target price of EUR48 (51).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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